Walsh Trading Daily Insights Commentary October Lean Hogs opened lower, tested resistance at 93.50, making the high just below it at 93.375 and then traded down the rest of the session to the low at 91.00. A bounce at the close saw it settle at 91.525. Continued cash market weakness put pressure on futures, in my opinion. Recessionary fears has …
Cattle commentary 8/31
December Live cattle fell 1.325 today with substantial volume behind the move today. The move today took out yesterdays and Monday’s low. In my opinion, the market is hitting a near term resistance levels around 148 so the near-term top appears to have been made. The USDA boxed beef cutout was up 10 cents at mid-session yesterday choice beef cutout …
Soy Market Commentary
SOY The beans were lower early based on the weather. In addition the conditions improved 1% yesterday. This is falling in line with the USDA projections for the overall crop. The weather this past week indicates that an increase next week may be probable before the end of summer weather kicks in. The point. The bean crop is a bit …
Grain Spreads: Bean Count
Unlike Corn, soybean yield by Pro Farmer was 51.7 bushels per acre which put production at 4.535 billion bushels. The yield number is .2ths higher than August USDA estimate and the production number is maybe a record. Nov 22 soybeans closed up 29 cents on Friday and Monday they closed down 23 cents. Today after being down almost 30 cents …
Soy & Corn Market Commentary
SOY The beans came under heavy pressure today. The weather has shown improvement. In addition, it appears the Pro Farmer tour has confirmed a record or near record crop. The concerns are also present related to the Chinese demand going forward. The US does have a window at present for exports. However, the South American crops in general are looking at a …
Grain Spreads: Corn Counting
Commentary Corn led the market higher after a bullish Pro Farmer corn yield estimate last week in my opinion. PF puts the US corn crop at 168.1 bushels per acre and the trade was looking for 171-173. The USDA is at 175.9. Corn futures rose to the highest prices in over two months as Pro Farmer’s U.S. crop estimates underscored expectations …
Cattle Commentary 8/29
Feeder cattle contracts across the board took a hit today as the November contract opened at 184.375 but settled over $2 lower at 182.90. The volume for today’s trade was substantially higher than Friday’s. From what I’ve been hearing as far as the cash trade goes this week, it remains unclear but leaning towards a lower week as cash has …
Pure Hedge
PURE HEDGE CATTLE In my opinion, the medium to short term outlook on the cattle market looks to be bearish. In review of the daily charts, December fat cattle had a runup to 152 and attempt to retest the April high failed as now the market has had 3 consecutive lower sessions. Feeder cattle back month contracts are should be …
Cattle Commentary 8-26
December cattle, and the cattle market in general, looks to have put in a near term top in my opinion. The runup to 152 and attempt to retest the April high failed as now the market has had 3 consecutive lower sessions. Dec cattle had an $8 rally from the beginning of July to mid-August, so a 30% retracement would …
Pure Hedge Grains
MACRO OUTLOOK: In my opinion, the medium to long term outlook for Wheat is bearish. In review of the daily charts, I would suggest this recent move upward, caused by a sudden appearance of heat and dryness, will run out of momentum and turn to the downside again. There is a steady flow of ships leaving port in Ukraine. Once we …